Annual Report Rome, 31 May 2016 2015 122 nd financial year Financial Year 122 nd
Annual Report 2015 122 nd Financial Year Rome, 31 May 2016
Banca d Italia, 2016 Address Via Nazionale, 91 00184 Rome - Italy Telephone +39 0647921 www.bancaditalia.it All rights reserved. Reproduction for academic and non-commercial use is permitted, provided that the source is acknowledged. ISSN 2239-9674 (print) ISSN 2280-4145 (online)
LIST OF TABLES THE INTERNATIONAL ECONOMY AND THE EURO AREA 3. Macroeconomic developments and fiscal policies in the euro area Table a3.1 GDP, imports and main components of demand: major euro-area countries 3 a3.2 Coincident indicators for the euro area and Italy 4 a3.3 Industrial production by main industrial groupings in the euro area 5 a3.4 Unemployment rate 6 a3.5 Euro area: harmonized index of consumer prices 7 a3.6 Producer price indices of industrial products sold on the domestic market: major euro-area countries 8 a3.7 Detail of financial support to countries in difficulty 9 4. Monetary policy in the euro area Table a4.1 Balance sheet of the Bank of Italy: assets and liabilities 10 a4.2 Italian components of euro-area monetary aggregates: euro-area residents 12 a4.3 Italian counterparts of euro-area money: euro-area residents 13 THE ITALIAN ECONOMY 6. Firms Table a6.1 Value added per hour worked and unit labour costs by branch 17 a6.2 Industrial production by main industrial groupings 18 a6.3 Capacity utilization rates by main industrial groupings 19 a6.4 Financial assets and liabilities in 2014 (stocks) 20 a6.5 Financial assets and liabilities in 2014 (flows) 22 a6.6 Bank interest rates on euro loans: outstanding amounts 24 9. Prices, costs and competitiveness Table a9.1 Consumer price indices 25 a9.2 Harmonized index of consumer prices 26 a9.3 Producer price index of industrial products sold on the domestic market 27 III
10. Foreign demand and the balance of payments Table a10.1 Balance of payments 28 a10.2 International investment position 29 11. The public finances Table a11.1 Consolidated accounts of general government 30 a11.2 General government debt by subsector and holding sectors 31 a11.3 Local government debt by subsector, instrument and geographical area 32 a11.4 Financing of the general government borrowing requirement 33 13. Banks and institutional investors Table a13.1 Italian banks presence abroad 34 a13.2 Banks resident in Italy: summary balance sheet data 35 a13.3 Bank interest rates on euro deposits: outstanding amounts and new business 37 a13.4 Credit quality of banks and banking groups 38 a13.5 Profit and loss accounts of Italian banks 39 a13.6 Profit and loss accounts of resident Italian banks by category of bank 40 a13.7 Banks and banking groups: consolidated income statement by category of bank 42 a13.8 Banks and banking groups: regulatory capital and capital requirements 43 14. The money and financial markets Table a14.1 Financial market: gross and net issues of securities by Italian residents 44 LIST OF ABBREVIATIONS 47 SYMBOLS AND CONVENTIONS In the following tables: the phenomenon in question does not occur... the phenomenon occurs but its value is not known.. the value is known but is nil or less than half the final digit shown IV
THE INTERNATIONAL ECONOMY AND THE EURO AREA
GDP, imports and main components of demand: major euro-area countries (1) (chain-linked volumes; percentage changes on the previous period) Table a3.1 2013 2014 2015 2015 Q1 Q2 Q3 Q4 France (2) 0.6 0.6 1.3 0.7.. 0.4 0.3 Germany (3) 0.3 1.6 1.7 0.4 0.4 0.3 0.3 Italy (3) -1.7-0.3 0.8 0.4 0.3 0.2 0.2 Spain (3) (4) -1.7 1.4 3.2 0.9 1.0 0.8 0.8 Euro-area (3) (5) -0.3 0.9 1.6 0.6 0.4 0.3 0.3 Imports France (2) 2.1 4.7 6.6 2.1 0.9 1.8 2.1 Germany 3.1 3.7 5.8 2.2 0.6 1.1 0.5 Italy -2.3 3.2 6.0 2.9 1.6-0.2 1.0 Spain (4) -0.3 6.4 7.5 2.6 1.5 3.1 0.3 Euro-area (5) 1.3 4.5 5.7 2.1 1.0 1.2 0.9 GDP Exports France (2) 1.9 3.3 6.1 1.9 2.0-0.3 1.0 Germany 1.6 4.0 5.4 1.5 1.8 0.3-0.6 Italy 0.6 3.1 4.3 1.2 1.4-1.3 1.3 Spain (4) 4.3 5.1 5.4 1.0 1.4 1.8 0.9 Euro-area (5) 2.1 4.1 5.0 1.4 1.7 0.2 0.2 Household consumption (6) France (2) 0.5 0.7 1.5 0.6.. 0.4-0.1 Germany 0.6 0.9 1.9 0.4 0.1 0.6 0.3 Italy -2.5 0.6 0.9 0.1 0.4 0.5 0.3 Spain (4) -3.1 1.2 3.1 0.8 0.8 1.1 0.7 Euro-area (5) -0.6 0.8 1.7 0.5 0.3 0.5 0.2 Government consumption France (2) 1.5 1.2 1.4 0.2 0.3 0.4 0.5 Germany 0.8 1.7 2.4 0.5 0.7 0.5 1.0 Italy -0.3-1.0-0.7-0.7-0.3 0.2 0.6 Spain (4) -2.8.. 2.7 1.9 0.7 0.5 0.4 Euro-area (5) 0.2 0.8 1.3 0.5 0.3 0.3 0.6 Gross fixed investment France (2) -0.8-0.3 1.0 0.3.. 0.1 0.7 Germany -1.3 3.5 2.2 1.5-0.6 0.1 1.5 Italy -6.6-3.4 0.8 0.6.. 0.2 0.8 Spain (4) -2.5 3.5 6.4 1.6 2.3 1.3 1.1 Euro-area (5) -2.6 1.3 2.7 1.4 0.1 0.4 1.3 Domestic demand (7) France (2)......... 0.7-0.3 1.0 0.7 Germany 0.8 1.3 1.6 0.6-0.2 0.6 0.8 Italy -2.6-0.4 1.1 0.9 0.3 0.5.. Spain (4) -3.1 1.6 3.8 1.4 1.0 1.2 0.6 Euro-area (5) -0.7 0.9 1.8 0.8.. 0.7 0.6 Source: Based on national statistics and Eurostat data. (1) Quarterly series are seasonally and calendar adjusted. (2) The quarterly data do not include the revision of the annual data released on 17 May; it is thus not possible to deduce aggregate national demand with any precision. (3) Quarterly data include information available after the release of the main GDP aggregates (4) Annual percentage changes are based on raw quarterly data. (5) The euro-area aggregate relates to 19 countries (6) Resident households and non-profit institutions serving households. (7) Includes change in stocks and valuables. 3
Coincident indicators for the euro area and Italy Table a3.2 -COIN ITA-COIN -COIN ITA-COIN 2011 January 0.48 0.34 2014 January 0.31 0.16 February 0.57 0.30 February 0.35 0.18 March 0.57 0.28 March 0.38 0.16 April 0.60 0.31 April 0.39 0.12 May 0.62 0.33 May 0.31 0.02 June 0.52 0.33 June 0.31-0.02 July 0.45 0.01 July 0.27-0.04 August 0.22-0.13 August 0.19-0.12 September 0.03-0.26 September 0.13-0.20 October -0.13-0.37 October 0.08-0.27 November -0.20-0.44 November 0.06-0.25 December -0.20-0.34 December 0.11-0.21 2012 January -0.14-0.36 2015 January 0.16-0.18 February -0.06-0.35 February 0.23-0.18 March -0.03-0.35 March 0.26-0.16 April -0.08-0.30 April 0.33-0.13 May -0.03-0.41 May 0.38-0.10 June -0.17-0.50 June 0.39-0.03 July -0.24-0.66 July 0.41-0.02 August -0.33-0.76 August 0.43 0.01 September -0.32-0.76 September 0.39 0.03 October -0.29-0.67 October 0.36 0.01 November -0.29-0.65 November 0.37 0.12 December -0.27-0.66 December 0.45 0.20 2013 January -0.23-0.58 2016 January 0.48 0.26 February -0.20-0.55 February 0.47 0.20 March -0.12-0.50 March 0.34 0.10 April -0.10-0.50 April 0.28 0.02 May -0.15-0.54 June -0.18-0.50 July -0.09-0.36 August -0.04-0.19 September 0.12-0.06 October 0.20 0.01 November 0.23 0.05 December 0.29 0.05 4
Industrial production by main industrial groupings in the euro area (annual data are calendar adjusted, quarterly data are calendar and seasonally adjusted; indices, 2010=100; percentage changes on the previous period) Table a3.3 Consumer goods Capital goods Intermediate goods Energy General index Consumer goods Capital goods Intermediate goods Energy General index Germany 2009-5.6-21.2-18.2-5.1-16.3-3.9-17.2-19.4-4.4-13.2 2010 3.0 12.8 14.8 3.3 10.9 0.7 4.6 6.0 4.9 4.1 2011 2.3 12.7 7.5-4.5 7.2 3.1 4.1 4.5-5.0 2.8 2012-1.9 1.3-2.2 1.8-0.4 0.4-1.6-5.9 0.1-2.3 2013 0.7 0.6-0.2-1.0 0.2-1.6-0.1-0.7 1.6-0.4 2014 1.4 2.3 1.8-3.8 1.3-0.8 0.9-0.6-5.6-0.7 2015 0.1 0.9-0.1 5.1 0.8 3.6 1.3 0.6 2.8 1.8 2015 Q1-0.6-0.3.. 2.6.. 1.7 0.5 0.4 4.8 1.3 Q2 1.0 0.7-0.2 0.3 0.4 1.2 0.7 0.3-3.4 0.2 Q3-0.5 0.1-0.3 1.1.. -0.3 0.6 0.3 1.2 0.4 Q4-1.2-0.5 0.2-2.9-0.6 1.2 0.1 1.1-0.7 0.6 2016 Q1 1.6 2.6 1.5-1.4 1.6-1.7-0.1-0.7 0.6-0.6 France Spain Euro area (1) 2009-8.3-22.0-21.0-8.2-15.8-5.2-21.0-19.6-5.2-14.9 2010 0.7-3.4 2.6 2.5 0.8 2.6 8.9 10.0 3.9 7.2 2011-1.5 0.6-2.4-3.7-1.7 1.0 8.5 4.1-4.4 3.5 2012-5.0-11.3-9.2 0.2-6.9-2.5-1.0-4.4.. -2.3 2013-2.1 1.4-2.5-3.4-1.7-0.4-0.5-0.9-0.8-0.7 2014 1.7 1.0 2.9-2.0 1.3 2.6 1.8 1.3-5.4 0.9 2015 1.4 7.4 4.1 0.6 3.4 2.0 2.1 0.9 0.5 1.6 2015 Q1 0.4 3.0 1.2 3.1 1.6 1.0 0.5 0.6 2.4 0.8 Q2 0.9 2.7 1.9-2.5 1.4.. 1.0 0.2-3.4.. Q3 1.2 2.0 0.4 0.9 0.7 0.6 0.5.. 0.9 0.3 Q4 0.9 2.1 1.5-2.8 0.9.. -0.1 0.7-0.6 0.4 2016 Q1 0.2 1.0 0.2-1.6 0.1 1.1 1.9 1.0 0.1 0.9 Source: Based on Eurostat data. (1) The euro-area aggregate relates to 19 countries. 5
Unemployment rate (per cent) Table a3.4 2007 2008 2009 2010 2011 2012 2013 2014 2015 EU (1) 7.2 7.0 9.0 9.6 9.7 10.5 10.9 10.2 9.4 Euro area (2) 7.5 7.6 9.6 10.2 10.2 11.4 12.0 11.6 10.9 Austria 4.9 4.1 5.3 4.8 4.6 4.9 5.4 5.6 5.7 Belgium 7.5 7.0 7.9 8.3 7.2 7.6 8.4 8.5 8.5 Cyprus 3.9 3.7 5.4 6.3 7.9 11.9 15.9 16.1 15.1 Estonia 4.6 5.5 13.5 16.7 12.3 10.0 8.6 7.4 6.2 Finland 6.9 6.4 8.2 8.4 7.8 7.7 8.2 8.7 9.4 France 8.0 7.4 9.1 9.3 9.2 9.8 10.3 10.3 10.4 Germany 8.5 7.4 7.6 7.0 5.8 5.4 5.2 5.0 4.6 Greece 8.4 7.8 9.6 12.7 17.9 24.5 27.5 26.5 24.9 Ireland 4.7 6.4 12.0 13.9 14.7 14.7 13.1 11.3 9.4 Italy 6.1 6.7 7.7 8.4 8.4 10.7 12.1 12.7 11.9 Latvia 6.1 7.7 17.5 19.5 16.2 15.0 11.9 10.8 9.9 Lithuania 4.3 5.8 13.8 17.8 15.4 13.4 11.8 10.7 9.1 Luxembourg 4.2 4.9 5.1 4.6 4.8 5.1 5.9 6.0 6.4 Malta 6.5 6.0 6.9 6.9 6.4 6.3 6.4 5.8 5.4 Netherlands 4.2 3.7 4.4 5.0 5.0 5.8 7.3 7.4 6.9 Portugal 9.1 8.8 10.7 12.0 12.9 15.8 16.4 14.1 12.6 Slovakia 11.2 9.6 12.1 14.5 13.7 14.0 14.2 13.2 11.5 Slovenia 4.9 4.4 5.9 7.3 8.2 8.9 10.1 9.7 9.0 Spain 8.2 11.3 17.9 19.9 21.4 24.8 26.1 24.5 22.1 Sources: Eurostat, Labour Force Survey and, for Italy, Istat, Rilevazione sulle forze di lavoro. (1) EU-28. (2) Euro-19. 6
Euro area: harmonized index of consumer prices (1) (indices, 2015=100; percentage changes on the year-earlier period) Table a3.5 Non food & non-energy products Services Total excl. food & energy products Food products Processed Unprocessed Total Energy products Total excl. unprocessed food & energy Weights (2) 26.6 44.2 70.7 12.1 7.4 195 9.7 82.9 100.0 2012 1.2 1.8 1.5 3.1 3.0 3.1 7.6 1.8 2.5 2013 0.6 1.4 1.1 2.2 3.5 2.7 0.6 1.3 1.4 2014 0.1 1.2 0.8 1.2-0.8 0.5-1.9 0.9 0.4 2015 0.3 1.2 0.8 0.6 1.6 1.0-6.8 0.8 0.0 2014 Jan. 0.2 1.2 0.8 2.0 1.3 1.7-1.3 1.0 0.8 Feb. 0.4 1.3 1.0 1.8 0.9 1.5-2.3 1.1 0.7 Mar. 0.2 1.1 0.7 1.7-0.1 1.0-2.1 0.9 0.5 Apr. 0.1 1.6 1.0 1.6-0.7 0.7-1.2 1.1 0.7 May 0.0 1.1 0.7 1.5-2.1 0.1 0.0 0.8 0.5 June -0.1 1.3 0.8 1.3-2.8-0.2 0.1 0.9 0.5 July -0.1 1.2 0.8 1.1-2.6-0.3-1.0 0.8 0.4 Aug. 0.3 1.3 0.9 1.0-2.4-0.3-2.0 1.0 0.4 Sept. 0.2 1.1 0.8 1.0-0.9 0.3-2.3 0.8 0.3 Oct. -0.1 1.2 0.7 0.8 0.0 0.5-2.0 0.7 0.4 Nov. -0.1 1.1 0.7 0.6 0.2 0.5-2.5 0.7 0.3 Dec. 0.0 1.2 0.7 0.5-1.0 0.0-6.3 0.7-0.2 2015 Jan. -0.1 1.0 0.6 0.4-0.9-0.1-9.2 0.6-0.6 Feb. -0.1 1.2 0.7 0.5 0.4 0.5-7.9 0.7-0.3 Mar. 0.0 1.0 0.6 0.6 0.7 0.6-6.0 0.6-0.1 Apr. 0.1 1.0 0.6 0.7 1.3 1.0-5.8 0.7 0.0 May 0.2 1.3 0.9 0.6 2.1 1.2-4.8 0.9 0.3 June 0.3 1.1 0.8 0.7 1.9 1.2-5.1 0.8 0.2 July 0.4 1.2 1.0 0.6 1.4 0.9-5.6 0.9 0.2 Aug. 0.4 1.2 0.9 0.6 2.4 1.3-7.2 0.9 0.1 Sept. 0.3 1.2 0.9 0.6 2.7 1.4-8.9 0.8-0.1 Oct. 0.6 1.3 1.1 0.6 3.2 1.6-8.5 1.0 0.1 Nov. 0.6 1.2 0.9 0.7 2.7 1.5-7.3 0.9 0.1 Dec. 0.5 1.1 0.9 0.8 2.0 1.2-5.9 0.8 0.2 2016 Jan. 0.7 1.2 1.0 0.8 1.4 1.0-5.4 1.0 0.3 Feb. 0.7 0.9 0.8 0.6 0.6 0.6-8.1 0.8-0.2 Mar. 0.5 1.4 1.0 0.4 1.3 0.8-8.7 1.0 0.0 Apr. 0.5 0.9 0.7 0.5 1.2 0.8-8.7 0.7-0.2 Total Source: Eurostat. (1) Weighted average of the indices of the euro-area countries at the date indicated. (2) The weights shown in the table are those for January 2016. 7
Table a3.6 Producer price indices of industrial products sold on the domestic market: major euro-area countries (indices, 2010=100; percentage changes on the year-earlier period) Consumer goods net of food products (1) Intermediate goods Energy products Overall index net of food and energy products Overall index Consumer goods net of food products (1) Intermediate goods Energy products Overall index net of food and energy products Overall index France Germany 2012 0.0 0.7 6.8 1.0 2.8 1.2 0.4 3.0 0.7 1.7 2013-0.4-0.7-0.4 0.1 0.3 0.6-0.9-0.8-0.1 0.0 2014-0.9-1.3-4.2 0.0-1.3 0.5-0.9-3.2 0.0-0.9 2015-1.1-1.8-6.8-1.2-2.2 0.6-0.9-5.4-0.1-1.8 2015 Jan. -1.4-2.4-10.8-1.8-3.4 0.5-0.9-6.3-0.1-2.2 Feb. -1.4-2.1-6.3-1.7-2.3 0.5-1.1-5.5-0.2-1.9 Mar. -1.3-1.5-5.2-0.7-1.9 0.5-0.9-4.7 0.0-1.6 Apr. -0.6-1.0-4.5-1.2-1.7 0.5-0.6-4.4 0.1-1.5 May -0.9-1.0-4.6-1.2-1.7 0.4-0.5-4.1 0.2-1.3 June -0.9-1.0-4.5-1.2-1.6 0.5-0.4-4.4 0.2-1.4 July -0.9-1.0-4.2-0.5-1.5 0.6-0.4-4.1 0.2-1.3 Aug. -1.8-1.7-6.6-1.6-2.2 0.8-0.8-5.0 0.0-1.6 Sept. -1.4-2.1-8.8-1.0-2.7 0.8-1.1-6.1-0.2-2.0 Oct. -0.8-2.7-8.6-1.0-2.6 0.8-1.4-6.5-0.4-2.2 Nov. -1.0-2.6-7.8-1.1-2.4 0.8-1.7-7.1-0.5-2.4 Dec. -1.2-2.3-9.4-1.1-2.7 0.9-1.7-6.8-0.5-2.2 2016 Jan. -1.3-2.1-9.5-1.0-2.8 0.6-1.7-7.3-0.5-2.3 Feb. -1.6-2.3-15.1-1.2-4.2 0.7-1.8-9.4-0.5-3.0 Mar. -1.5-2.8-13.4-1.4-4.0 0.7-2.0-9.2-0.6-3.0 Spain Euro area (2) 2012 0.8 1.4 9.7 0.7 3.8 0.9 0.7 6.6 0.7 2.8 2013 0.4-0.5 0.5-0.3 0.6 0.3-0.6-1.6-0.2-0.2 2014 0.4-1.5-3.1-0.4-1.3 0.3-1.1-4.4-0.1-1.5 2015 0.7-0.7-8.8 0.0-2.1 0.2-1.3-8.1-0.4-2.7 2015 Jan. 0.7-1.3-10.4-0.3-2.8 0.1-1.7-10.5-0.5-3.5 Feb. 0.9-1.2-6.4-0.1-1.6 0.3-1.7-8.1-0.5-2.8 Mar. 0.8-0.4-6.1 0.2-1.3 0.3-1.2-6.8-0.2-2.3 Apr. 0.9 0.0-5.4 0.5-0.9 0.1-0.8-6.4 0.0-2.1 May 0.7 0.2-7.5 0.7-1.4 0.0-0.6-6.2 0.1-2.0 June 0.5 0.1-7.4 0.6-1.4 0.1-0.6-6.8 0.1-2.1 July 0.5-0.1-7.1 0.4-1.3 0.1-0.8-6.5 0.0-2.1 Aug. 0.6-0.3-9.9 0.2-2.2 0.1-1.1-8.2-0.3-2.6 Sept. 0.7-0.9-14.3-0.1-3.6 0.2-1.5-10.0-0.5-3.2 Oct. 0.4-1.5-13.4-0.6-3.6 0.2-1.9-9.8-0.8-3.2 Nov. 0.9-1.8-9.4-0.6-2.6 0.2-2.1-9.3-0.8-3.2 Dec. 0.9-1.6-7.8-0.5-2.2 0.2-1.9-8.9-0.7-3.0 2016 Jan. 0.8-1.7-15.0-0.6-4.2 0.0-1.8-9.0-0.8-3.0 Feb. 0.6-2.2-19.5-0.8-5.7-0.1-2.2-12.7-0.9-4.2 Mar. 0.9-2.7-17.7-1.0-5.4-0.1-2.6-12.1-1.1-4.2 Source: Based on Eurostat data. (1) The weight of non-food products is obtained as the difference between that of total consumer goods and that of food products, which nonetheless contain some items classified as intermediate goods. (2) The aggregate for the euro area relates to 19 countries. 8
Detail of financial support to countries in difficulty (1) (billions of euros) 2010 2011 2012 2013 2014 2015 Total to May 2016 (2) Table a3.7 Total support programme IRELAND Bilateral loans 0.0 0.5 2.5 1.9 4.8 4.8 EFSF 0.0 7.6 4.4 5.7 17.7 17.7 EFSM 0.0 13.9 7.8 0.0 0.8 22.5 22.5 IMF 0.0 12.8 6.4 3.3 22.6 22.5 Total 0.0 34.7 21.1 10.9 0.8 67.6 67.5 PORTUGAL EFSF 6.9 11.3 6.6 1.2 26.0 26.0 EFSM 14.1 8.0 0.0 2.2 24.3 26.0 IMF 13.0 8.2 3.4 1.8 26.3 26.0 Total 34.0 27.5 10.0 5.2 76.6 78.0 GREECE First support programme Bilateral loans 21.0 31.9 52.9 52.9 IMF 10.5 9.6 20.1 20.1 Total 31.5 41.5 73.0 73.0 Second support programme EFSF 108.2 25.3 8.3-10.9 130.9 (3) 143.6 IMF 1.7 6.7 3.4 11.8 28.0 Total 109.9 32.0 11.7-10.9 142.7 (3) 171.6 Third support programme ESM 21.4 21.4 86.0 Total 21.4 (4) 21.4 86.0 SPAIN ESM 39.5 1.9 41.3 41.3 Total 39.5 1.9 41.3 41.3 CYPRUS ESM 4.6 1.1 0.6 6.3 9.0 IMF 0.3 0.2 0.4 1.0 1.0 Total 4.9 1.3 1.0 7.3 10.0 TOTAL 31.5 110.2 197.9 59.7 18.9 11.5 429.8 527.4 Sources: For bilateral loans to Ireland, National Treasury Management Agency; for loans from EFSF, EFSM and ESM, those institutions websites; for the first support programme for Greece, European Commission, The second economic adjustment programme for Greece, March 2012; for the IMF loans not part of that programme, press releases on the occasion of each disbursement. (1) The support programmes consist of financial resources made available by EU countries on a bilateral basis, and by the EFSF, the EFSM, the ESM and the IMF in favour of euro-area countries in difficulty; the disbursement of these resources is bound to precise conditions in terms of economic policies to be applied to restore the orderly functioning of the national economic system. There may be discrepancies due to rounding or to variations in the exchange rate between the currency in which loans are denominated and the euro. (2) Updated to 19 May 2016. (3) Takes into account the restitution to the EFSF in February 2015 of its own bonds issued and previously transferred to the Hellenic Financial Stability Fund but not used ( 10.9 billion). (4) In July 2015 Greece received a 7.2 bridge loan from the EFSM, which was repaid the following month. 9
Balance sheet of the Bank of Italy: assets (end-of-period amounts in millions of euros) Table a4.1 Gold and gold receivables Claims on non-euro-area residents denominated in foreign currency of which: receivables from the IMF Claims on euro-area residents denominated in foreign currency Claims on noneuro-area residents denominated in euros Loans denominated in euros to credit institutions of the euro area Main refinancing operations Longer-term refinancing operations Fine-tuning Marginal reverse lending and operations credits related to margin calls 2013 68,677 36,825 11,880 886 1,390 235,869 22,160 213,709 2014 77,865 39,278 11,840 1,241 1,655 194,522 25,743 168,779 2015 Jan. 87,876 41,862 12,373 1,410 1,677 163,216 15,491 147,725 Feb. 85,141 41,873 12,047 1,384 1,684 141,329 30,498 110,830 Mar. 86,969 43,052 11,997 1,171 1,705 165,696 19,688 146,008 Apr. 82,958 41,800 11,734 1,157 1,677 159,224 15,682 143,541 May 85,612 42,105 11,801 1,371 1,652 149,474 11,799 137,675 June 82,499 42,471 11,679 1,383 1,623 165,674 10,872 154,802 July 78,951 42,679 11,380 1,320 1,703 162,894 9,859 153,035 Aug. 79,778 42,090 11,373 1,230 1,689 158,287 8,928 149,359 Sept. 78,386 42,256 11,402 1,180 1,690 164,002 10,599 153,403 Oct. 81,737 42,890 11,492 1,199 1,697 157,338 9,638 147,700 Nov. 79,127 44,282 11,760 1,257 1,708 154,345 16,795 137,550 Dec. 76,914 43,202 11,567 1,213 1,653 158,276 18,728 139,548 2016 Jan. 80,258 42,874 11,501 1,315 1,689 150,978 15,844 135,134 Feb. 89,406 41,520 9,755 1,315 1,717 151,503 17,067 134,069 367 Mar. 85,458 40,306 9,515 1,153 1,733 150,824 16,555 134,270 Securities issued by euroarea residents Claims on general government Participating interest in the ECB Intra-Eurosystem claims Claims deriving from the transfer of reserves Net claims deriving from the intra- Eurosystem allocation of banknotes Other net assets Other assets Total assets 2013 117,690 15,642 22,210 1,377 7,219 12,867 746 66,150 565,339 2014 129,692 18,893 31,203 1,333 7,134 22,368 369 58,547 552,896 2015 Jan. 131,931 19,667 33,944 1,333 7,134 25,477 58,087 539,671 Feb. 134,871 20,283 35,563 1,333 7,134 27,097 57,559 519,687 Mar. 144,990 20,580 36,567 1,333 7,134 28,100 54,924 555,654 Apr. 152,564 19,946 37,215 1,333 7,134 28,748 53,778 550,318 May 160,057 19,086 38,725 1,333 7,134 30,258 54,753 552,836 June 165,998 18,089 40,962 1,333 7,134 32,495 53,392 572,091 July 176,776 19,130 41,211 1,333 7,134 32,744 52,291 576,953 Aug. 183,230 18,764 41,498 1,333 7,134 33,031 50,334 576,899 Sept. 194,393 19,208 42,246 1,333 7,134 33,780 49,271 592,632 Oct. 205,368 19,578 43,204 1,333 7,134 34,737 50,382 603,393 Nov. 215,144 19,718 43,387 1,333 7,134 34,920 50,819 609,786 Dec. 220,473 19,461 41,075 1,333 7,134 32,296 312 49,248 611,515 2016 Jan. 230,687 19,714 41,675 1,333 7,134 33,208 49,462 618,652 Feb. 239,586 19,638 41,775 1,333 7,134 33,308 49,195 635,655 Mar. 249,851 19,927 41,355 1,333 7,134 32,888 48,805 639,414 cont. 10
Balance sheet of the Bank of Italy: liabilities (end-of-period amounts in millions of euros) Table a4.1 cont. Banknotes in circulation Liabilities denominated in euros to credit institutions of the euro area Current accounts (including those for the minimum reserve system) Deposit facilitiy Fixed-term deposits Fine-tuning reverse operations Deposits related to margin calls Liabilities Liabilities denominated in euros to in euros to non-euro-area other euroarea residents residents 2013 157,541 20,789 18,392 2,377 20 33,888 555 2014 164,527 15,436 15,058 378 13,928 24 2015 Jan. 161,518 17,781 17,781 29,520 199 Feb. 161,984 10,185 10,185 15,266 176 Mar. 163,509 12,991 12,895 96 16,919 150 Apr. 165,147 17,256 17,256 27,160 35 May 166,028 14,637 14,637 43,281 11 June 167,642 17,825 17,775 50 42,252 86 July 170,051 17,015 17,015 38,067 128 Aug. 169,645 24,947 24,522 425 13,107 15 Sept. 169,306 22,925 22,741 184 9,490 153 Oct. 169,549 20,916 20,630 286 27,235 20 Nov. 170,345 20,186 20,136 50 26,109 143 Dec. 174,324 24,138 22,600 1,538 7,709 23 2016 Jan. 170,974 20,860 20,860 13,570 206 Feb. 171,068 19,256 19,256 23,820 142 Mar. 172,319 20,415 20,385 30 1 13,855 81 Liabilities Liabilities in foreign in foreign currency to currency to euro-area non-euro-area residents residents Revaluation accounts Capital and reserves Intra-Eurosystem liabilities Other liabilities Total liabilities Net debts deriving from other intra- Eurosystem operations Other net liabilities of which: counterpart of SDRs allocated by the IMF 2013 402 2 64,391 23,538 229,128 35,104 7,348 565,339 2014 387 2 88,097 24,297 208,945 37,254 7,847 552,896 2015 Jan. 409 2 102,866 24,297 164,474 38,604 8,201 539,671 Feb. 388 180 102,763 24,297 164,565 39,883 8,234 519,687 Mar. 359 3 106,656 24,297 191,510 39,260 8,432 555,654 Apr. 328 2 99,463 24,297 177,232 39,398 8,247 550,318 May 380 3 100,134 24,297 163,994 40,071 8,336 552,836 June 334 2 92,687 25,046 188,630 37,588 8,266 572,091 July 329 3 93,011 25,046 195,221 38,081 8,363 576,953 Aug. 331 2 90,688 25,046 214,593 38,525 8,231 576,899 Sept. 330 2 90,786 25,046 235,655 38,937 8,240 592,632 Oct. 412 2 97,523 25,046 223,031 39,659 8,338 603,393 Nov. 394 3 97,443 25,046 229,596 40,523 8,530 609,786 Dec. 373 3 91,346 25,046 248,859 39,693 8,370 611,515 2016 Jan. 351 3 96,217 25,046 251,264 40,162 8,313 618,652 Feb. 333 3 105,900 25,046 249,533 40,555 8,343 635,655 Mar. 286 2 103,088 25,046 263,320 41,001 8,138 639,414 11
Italian components of euro-area monetary aggregates: euro-area residents (end-of-period amounts in millions of euros) Table a4.2 Currency held by the public and overnight deposits Deposits with agreed maturity up to 2 years Deposits redeemable at notice up to 3 months Total Repurchase agreements Moneymarket fund shares/ units Debt securities up to 2 years Total monetary liabilities Contribution to euro-area monetary aggregates (excluding currency held by the public) M1 M2 M3 2013 962,128 169,758 310,200 1,442,087 6,388 9,434 27,002 1,484,911 799,283 1,279,240 1,322,064 2014 1,038,921 142,843 312,915 1,494,679 3,860 7,222 15,824 1,521,585 868,254 1,324,012 1,350,918 2015 Jan. 1,043,890 136,907 313,553 1,494,350 5,308 7,021 14,921 1,521,600 872,912 1,323,372 1,350,622 Feb. 1,040,737 137,853 314,012 1,492,602 4,941 6,709 14,809 1,519,061 869,281 1,321,145 1,347,604 Mar. 1,048,730 132,658 314,519 1,495,907 5,108 6,436 14,629 1,522,080 875,945 1,323,122 1,349,295 Apr. 1,057,195 130,444 313,764 1,501,402 4,683 6,201 13,596 1,525,882 882,958 1,327,166 1,351,646 May 1,074,176 129,041 313,417 1,516,634 4,617 6,048 12,038 1,539,337 898,623 1,341,081 1,363,784 June 1,071,736 126,846 313,670 1,512,252 3,164 5,978 10,897 1,532,291 894,686 1,335,203 1,355,242 July 1,075,597 128,600 311,255 1,515,452 3,658 5,931 9,561 1,534,602 896,068 1,335,922 1,355,072 Aug. 1,073,733 129,016 311,613 1,514,362 3,903 6,083 10,021 1,534,369 894,710 1,335,340 1,355,347 Sept. 1,084,777 127,970 310,155 1,522,903 4,308 6,176 7,796 1,541,183 905,984 1,344,109 1,362,389 Oct. 1,109,005 125,262 309,115 1,543,382 4,472 6,163 7,280 1,561,297 929,472 1,363,850 1,381,765 Nov. 1,098,652 122,934 309,246 1,530,833 5,113 6,032 7,649 1,549,627 918,680 1,350,860 1,369,654 Dec. 1,124,470 120,890 311,347 1,556,707 3,778 5,902 9,081 1,575,468 942,024 1,374,261 1,393,022 2016 Jan. 1,124,167 116,913 313,691 1,554,771 4,100 5,761 8,406 1,573,038 942,949 1,373,553 1,391,820 Feb. 1,120,156 111,817 314,317 1,546,290 4,084 5,737 8,513 1,564,624 939,103 1,365,237 1,383,571 Mar. 1,132,241 110,963 313,602 1,556,805 3,429 5,679 7,300 1,573,213 950,496 1,375,060 1,391,468 12
Italian counterparts of euro-area money: euro-area residents (end-of-period amounts in millions of euros) Table a4.3 Total monetary liabilities Deposits of central government Deposits with agreed maturity over 2 years and deposits redeemable at notice over 3 months Other liabilities of MFIs Non-monetary liabilities to the money-holding sector Debt securities over 2 years agreed maturity Capital and reserves Total Liabilities to non-euro-area residents 2013 1,484,911 49,779 178,321 472,181 379,190 1,029,692 125,951 2014 1,521,585 58,173 159,145 417,800 435,722 1,012,667 128,498 2015 Jan. 1,521,600 88,679 160,963 417,346 467,675 1,045,984 130,512 Feb. 1,519,061 80,655 159,805 406,002 470,899 1,036,706 137,241 Mar. 1,522,080 88,314 158,214 401,911 474,367 1,034,492 133,320 Apr. 1,525,882 93,097 156,312 394,387 454,026 1,004,725 144,599 May 1,539,337 113,228 154,746 386,335 457,102 998,183 141,564 June 1,532,291 113,527 152,603 383,095 461,493 997,191 133,433 July 1,534,602 109,274 150,762 373,098 465,262 989,122 142,389 Aug. 1,534,369 85,007 155,246 368,903 463,250 987,399 131,691 Sept. 1,541,183 78,124 154,318 365,323 465,744 985,385 124,460 Oct. 1,561,297 97,620 155,294 359,711 474,659 989,664 130,251 Nov. 1,549,627 90,547 153,411 359,634 479,063 992,108 129,734 Dec. 1,575,468 49,698 153,637 354,512 472,920 981,069 126,473 2016 Jan. 1,573,038 77,338 150,665 341,883 481,791 974,339 128,345 Feb. 1,564,624 87,295 150,448 331,047 485,350 966,845 125,488 Mar. 1,573,213 81,586 150,605 325,042 478,663 954,311 125,226 cont. 13
Italian counterparts of euro-area money: euro-area residents (end-of-period amounts in millions of euros) Table a4.3 cont. Assets of MFIs Claims on euro-area residents Finance to general government Finance to other residents Total Loans Bonds Total Loans Bonds Holdings of shares/other equity Total Claims on non euro-area residents Other counterparts 2013 263,032 566,050 829,082 1,615,663 165,471 97,837 1,878,971 2,708,053 140,826-158,546 2014 271,104 596,680 867,784 1,581,856 135,525 91,959 1,809,340 2,677,124 150,634-106,835 2015 Jan. 269,790 618,214 888,004 1,579,335 133,277 93,566 1,806,178 2,694,182 162,517-69,924 Feb. 269,787 632,939 902,726 1,571,789 133,237 94,557 1,799,583 2,702,309 161,829-90,475 Mar. 271,583 639,623 911,206 1,581,198 132,434 94,065 1,807,697 2,718,903 169,677-110,374 Apr. 271,815 644,173 915,988 1,573,255 132,265 93,955 1,799,475 2,715,463 168,384-115,544 May 274,001 650,088 924,089 1,571,087 131,825 93,909 1,796,821 2,720,910 163,614-92,212 June 276,758 643,687 920,445 1,587,148 127,377 91,956 1,806,481 2,726,926 162,142-112,626 July 272,037 657,065 929,102 1,584,252 125,579 93,087 1,802,918 2,732,020 165,062-121,695 Aug. 271,380 657,347 928,727 1,570,065 129,322 92,321 1,791,708 2,720,435 157,849-139,817 Sept. 269,538 665,687 935,225 1,575,505 128,487 92,370 1,796,362 2,731,587 155,964-158,399 Oct. 267,493 675,839 943,332 1,569,284 127,565 92,083 1,788,932 2,732,264 162,705-116,137 Nov. 268,431 685,531 953,962 1,586,535 126,191 92,663 1,805,389 2,759,351 164,698-162,033 Dec. 272,134 672,019 944,153 1,576,277 126,230 91,942 1,794,449 2,738,602 162,306-168,200 2016 Jan. 273,590 690,745 964,335 1,571,110 121,314 90,791 1,783,215 2,747,550 161,552-156,042 Feb. 273,974 707,410 981,384 1,568,476 120,313 89,568 1,778,356 2,759,740 160,579-176,066 Mar. 272,684 718,701 991,385 1,571,633 120,856 89,806 1,782,295 2,773,680 158,938-198,282 14
THE ITALIAN ECONOMY
Table a6.1 Value added per hour worked and unit labour costs by branch 2007 2008 2009 2010 2011 2012 2013 2014 2015 Value added at factor cost per hour worked (chain-linked volumes, euros, reference year 2010) Agriculture, forestry and fishing 11.5 12.2 12.2 12.4 13.1 13.2 13.5 13.2 13.3 Industry excluding construction 32.9 32.7 30.8 33.6 34.0 34.6 34.8 34.6 35.0 of which: manufacturing 30.0 29.5 27.5 30.6 31.2 31.6 32.0 32.0 32.5 Construction 24.0 23.4 21.9 21.6 20.8 21.4 22.7 22.8 22.7 Services 34.7 34.5 34.1 34.4 34.5 34.2 34.5 34.3 34.1 Sale and repair of motor vehicles and motorcycles 22.8 22.7 20.9 21.7 22.5 21.9 22.5 22.8 23.4 Accommodation and food service activities 19.4 19.2 19.7 19.7 19.5 19.3 19.2 19.3 19.3 Transport and storage 35.1 34.4 34.2 34.7 34.1 33.7 33.3 32.8 32.1 Communication services 50.6 52.3 53.0 55.0 55.9 55.1 54.0 54.1 51.8 Financial and insurance activities 54.8 53.9 54.3 58.2 59.8 62.0 61.5 61.3 61.2 Sundry services provided to firms and households (1) 64.2 63.1 63.8 61.8 60.6 60.0 61.0 60.1 58.9 Public administration (2) 45.9 46.1 46.2 46.7 46.8 47.9 48.2 48.5 48.8 Education 32.8 33.4 33.7 35.1 35.7 36.2 36.7 36.4 36.5 Human health and social work activities 32.0 30.7 30.5 30.5 29.9 29.6 29.6 29.7 29.0 Other public, social and personal services (3) 21.6 21.7 21.6 21.6 22.3 21.2 21.1 21.5 21.2 Activities of households 8.3 8.3 8.2 8.0 8.0 8.0 8.0 8.0 8.0 Total 32.1 31.9 31.2 32.0 32.1 32.2 32.5 32.5 32.4 Unit labour costs based on value added at factor cost (4) (current euros for chain-linked volumes expressed in euros, reference year 2010) Agriculture, forestry and fishing 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Industry excluding construction 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 of which: manufacturing 0.6 0.7 0.8 0.7 0.7 0.7 0.7 0.8 0.8 Construction 0.7 0.7 0.8 0.9 0.9 0.9 0.9 0.9 0.9 Services 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Sale and repair of motor vehicles and motorcycles 0.7 0.8 0.9 0.8 0.8 0.9 0.9 0.9 0.8 Accommodation and food service activities 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 Transport and storage 0.5 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 Communication services 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 Financial and insurance activities 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 Sundry services provided to firms and households (1) 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 Public administration (2) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Education 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 Human health and social work activities 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 Other public, social and personal services (3) 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 Activities of households 0.9 0.9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 Total 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Source: Istat, national accounts. (1) Real estate activities; professional, scientific and technical activities, administrative and support service activities. (2) Includes defence and compulsory social securities. (3) Arts, entertainment and recreation activities and other service activities. (4) Compensation of employees per hour worked divided by the value added at factor cost per hour worked. 17
Industrial production by main industrial groupings (raw annual data; quartely data seasonally and calendar adjusted; percentage changes on the previous period) Table a6.2 Consumer goods Durable Non-durable Total Capital goods Intermediate goods Energy General index Weights 4.1 22.4 26.5 28.1 32.6 12.8 100.0 2007 1.1 1.3 1.2 5.7 2.0-1.4 2.5 2008-3.2-0.3-0.8-2.6-5.6-1.6-3.2 2009-17.8-4.4-7.1-24.8-25.0-9.1-18.7 2010-0.7 2.7 2.1 11.2 9.1 2.5 7.0 2011-4.4-2.0-2.3 4.1 0.5-2.1 0.4 2012-7.3-3.7-4.3-5.9-8.8-2.6-6.0 2013-6.5-1.7-2.4-4.7-1.3-5.5-3.1 2014 0.1-0.9-0.8 0.0-0.6-5.3-1.1 2015 0.5 1.1 1.0 4.4-0.2 2.5 1.8 2009 Q1-8.0-5.0-5.6-13.8-14.5-4.9-10.6 Q2-6.2-0.3-1.3-6.0-3.6-0.6-2.1 Q3 2.2 2.0 2.0-0.3 1.4 0.9 1.3 Q4 0.0 2.4 1.9 5.3 5.7 1.0 2.5 2010 Q1 2.1-0.4 0.0 4.0 2.0 2.7 2.5 Q2-3.4 0.3-0.3 4.3 3.1-2.4 2.0 Q3-0.8 1.0 0.7 3.2 0.1-1.9 1.2 Q4 1.5-2.0-1.4 0.4 2.9 5.1 0.9 2011 Q1-3.0 0.3-0.2 2.8 0.5-2.1 0.7 Q2 3.5 1.0 1.3 0.2-0.5-2.4 0.0 Q3-3.1-2.4-2.5 0.1-1.6 1.1-1.3 Q4-5.5-0.5-1.2-2.9-2.6-2.9-2.0 2012 Q1-1.1-2.7-2.4-2.4-4.1 2.5-2.5 Q2-0.9 0.4 0.2-2.2-1.4-3.3-1.4 Q3-1.3 0.8 0.4 1.6-1.3 1.7 0.0 Q4-0.5-3.0-2.5-2.4-3.5-5.5-2.7 2013 Q1-2.7 0.6 0.1-4.5 1.0 1.8-0.5 Q2-3.2-1.7-1.8 2.2 0.6-3.2-0.3 Q3 0.4 1.5 1.3-1.3 1.9-1.1 0.0 Q4-3.4 0.3-0.2 0.3 0.8 0.3 0.5 2014 Q1 4.5-0.5 0.1 1.1-0.4-4.5-0.3 Q2 0.2-0.1-0.1-1.6-1.0 2.3-0.4 Q3-2.0-0.3-0.5 0.3-1.0-2.1-0.7 Q4 1.8-0.2 0.1 2.1-0.7-1.1 0.3 2015 Q1-1.7 1.0 0.6 0.2 0.0 2.8 0.4 Q2-0.9-0.2-0.2 2.0 0.2 0.5 0.7 Q3 2.5-0.3 0.0 0.6-0.2 2.6 0.4 Q4 0.5-0.5-0.4-0.1 0.6-4.1-0.1 2016 Q1 0.1 0.2 0.2 3.7 0.7-0.5 0.7 Source: Based on Istat data. 18
Capacity utilization rates by main industrial groupings (seasonally adjusted; per cent) Table a6.3 Consumer goods Durable Non-durable Total Capital goods Intermediate goods Energy General index 2007 76.5 75.3 75.6 78.2 78.7 79.2 77.6 2008 72.2 73.9 73.6 74.9 74.3 76.6 74.3 2009 61.4 70.4 68.7 62.4 64.9 76.3 65.3 2010 66.0 73.9 72.4 70.3 72.3 72.6 71.7 2011 66.1 75.3 73.8 71.8 74.2 70.3 73.3 2012 64.6 73.0 71.8 71.3 70.8 67.5 71.2 2013 70.2 74.7 73.9 72.2 72.5 70.1 72.8 2014 70.8 74.4 74.0 73.6 73.7 76.4 73.7 2015 72.1 75.5 74.9 77.7 75.5 82.6 76.1 2009 Q1 63.6 69.7 67.8 62.4 64.1 76.1 65.0 Q2 59.2 71.2 68.5 63.0 63.5 77.3 64.8 Q3 59.3 70.1 68.5 61.2 66.0 76.8 65.3 Q4 63.5 70.4 69.8 62.8 65.8 75.0 66.1 2010 Q1 63.8 72.7 70.7 66.3 69.6 73.8 68.9 Q2 65.1 74.5 72.5 69.6 71.9 70.9 71.3 Q3 68.3 74.5 73.4 72.1 73.0 73.8 72.9 Q4 66.9 73.7 73.0 73.1 74.7 71.7 73.8 2011 Q1 65.7 75.4 73.8 73.7 76.0 71.7 74.6 Q2 66.9 75.9 74.3 70.7 74.8 69.9 73.3 Q3 66.0 75.0 73.5 71.3 74.1 68.9 73.0 Q4 65.7 74.8 73.7 71.4 72.0 70.7 72.3 2012 Q1 65.6 73.7 72.4 72.5 71.4 70.9 72.0 Q2 66.0 73.1 71.9 70.2 72.0 67.4 71.4 Q3 64.1 73.7 72.0 71.2 70.5 65.8 71.1 Q4 62.8 71.3 70.7 71.3 69.1 66.0 70.2 2013 Q1 66.3 72.1 71.8 67.5 70.1 65.2 69.5 Q2 72.2 74.4 74.0 73.7 72.9 69.8 73.4 Q3 71.2 76.4 74.7 75.1 73.7 71.5 74.6 Q4 71.0 76.0 75.0 72.6 73.2 73.8 73.8 2014 Q1 70.0 74.5 74.0 72.3 73.7 74.9 73.2 Q2 70.4 73.3 73.7 73.3 74.3 74.8 73.5 Q3 70.0 74.7 74.1 74.5 73.7 77.0 74.0 Q4 72.8 75.0 74.2 74.2 73.2 79.0 74.2 2015 Q1 73.4 75.6 74.9 76.4 75.4 82.5 75.6 Q2 70.3 75.0 74.9 77.3 75.0 82.8 75.6 Q3 71.3 75.3 74.9 78.4 75.7 83.0 76.3 Q4 73.3 76.0 75.0 78.5 75.8 81.9 76.8 2016 Q1 72.5 74.6 74.0 77.6 75.6 79.9 75.8 Source: Based on Istat data. 19
Financial assets and liabilities in 2015 (1) (stocks in millions of euros) Table a6.4 Institutional sectors Non-financial corporations Monetary financial institutions Other financial intermediaries Financial corporations Financial auxiliaries Insurance companies and pension funds Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Monetary gold and SDRs 84,543 Currency and transferable deposits, with 288,282 34,979 379,634 1,470,952 49,262 18,792 27,023 MFIs 234,601 109,126 1,470,952 48,527 16,327 19,256 other residents 3,858 34,979 156,811 314 302 rest of the world 49,823 113,697 420 2,465 7,464 Other deposits, with 25,220 513,313 1,532,528 131,188.. 150,434 1,900 MFIs 25,220 499,155 1,532,528 131,188 150,434 1,867 other residents.. 5,090.. rest of the world.. 9,068.... 34 Short-term securities, issued by 206 4,982 30,334.. 7,165 57 4,225 8,825 general government 204 20,226 5,626 4,225 7,315 other residents.. 4,982 5,039.... 57 rest of the world 2 5,069 1,539 1,510 Medium/Long-term securities, issued by 61,008 157,517 1,047,527 644,155 227,576 183,103 84,554 547,065 16,529 MFIs 340 237,065 644,155 17,482 10,093 27,721 central government: CCTs 1,044 68,743 2,061 9,896 15,852 central government: other 48,117 496,042 85,402 59,162 334,112 local government 1 4,056 67 387 63 other residents 4,172 157,517 114,500 27,283 183,103 5,016 12,651 16,529 rest of the world 7,335 127,121 95,281 156,665 Derivatives and employee stock options 18,897 16,234 180,896 192,361 5,390 4,098 900 3,940 216 1,409 Short-term loans, of 43,911 367,136 537,949.. 27,273 122,046.. 90,092 8 338 MFIs 281,063 537,949.. 59,725 90,092 338 other financial corporations 15,597.. 27,273.. 8.. general government other residents 43,911 47,406 rest of the world 23,070.. 62,321 Medium and long-term loans, of 24,216 749,279 1,324,871 24,652 174,261 101,182.. 5,645 8,303 10,679 MFIs 512,432 1,324,871 14,031 69,257 5,639 4,086 other financial corporations 97,092 1,066 174,261...... 8,303 14 general government 37,790 1,185.. 6 956 other residents 24,216 12,329 rest of the world 89,636 8,370 31,925 5,622 Shares and other equity, issued by 566,326 1,677,040 198,051 267,229 180,094 41,765.. 5,499 82,966 68,849 residents 276,324 1,677,040 121,533 267,229 114,031 41,765.. 5,499 38,894 68,849 of which: listed shares 103,722 358,268 30,010 134,038 26,633 10,967 17,382 35,005 rest of the world 290,002 76,517 66,063 44,072 Mutual fund shares, issued by 12,980 11,436 5,964 173,852 280,285 5,283 158,516 residents 5,514 7,376 5,964 6,443 280,285 5,283 21,040 rest of the world 7,466 4,060 167,409 137,476 Insurance reserves and standard guarantees 16,896 98,825 4,975 19,177 1,811 743,976 life insurance and pension funds 98,825 19,177 677,441 other reserves 16,896 4,975 1,811 66,535 Other accounts receivable/payable 622,263 566,861 7,395 215 777.. 14 1,706 Trade credits 580,836 518,427 Other 41,427 48,434 7,395 215 777.. 14 1,706 Total 1,680,205 3,672,854 4,320,924 4,157,233 976,837 732,536 264,187 105,175 836,647 843,485 (1) Rounding may cause discrepancies. cont. 20
Financial assets and liabilities in 2015 (1) (stocks in millions of euros) Table a6.4 cont. Institutional sectors Central government General government Local government Social security funds Households and non-profit institutions serving households Rest of the world Total Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Monetary gold and SDRs 84,543 84,543 84,543 Currency and transferable deposits, with 24,176 168,725 12,744 10,077 791,264 291,866 218,464 1,893,119 1,893,119 MFIs 3,230 10,535 10,077 727,558 291,714 1,470,952 1,470,952 other residents 10,489 168,725.... 31,777 152 203,703 203,703 rest of the world 10,458 2,208.. 31,929 218,464 218,464 218,464 Other deposits, with 34,618 81,486 4,492 259 481,971 279,921 9,302 1,623,316 1,623,316 MFIs 34,618 4,291 259 405,575 279,921 1,532,528 1,532,528 other residents 81,486 76,396 81,486 81,486 rest of the world.. 201.... 9,302 9,302 9,302 Short-term securities, issued by 17 115,118 7.. 18 2,929 75,005 8,573 128,729 128,729 general government 17 115,118 7.. 18 2,476 75,005 115,118 115,118 other residents.. 5,039 5,039 rest of the world 453 8,573 8,573 8,573 Medium/Long-term securities, issued by 3,596 1,975,922 3,902 17,135 34,719 439,081 1,050,428 505,096 3,499,458 3,499,458 MFIs 48 524 1,082 187,162 162,640 644,155 644,155 central government: CCTs 218 120,173 122 1,084 5,187 15,966 120,173 120,173 central government: other 1,420 1,855,749 546 7,482 117,181 706,284 1,855,749 1,855,749 local government.... 17,135.. 6,730 5,831 17,135 17,135 other residents 1,911 295 23,724 7,890 159,706 357,149 357,149 rest of the world 2,415 1,347 114,931 505,096 505,096 505,096 Derivatives and employee stock options.. 30,754.. 1,146 888 68 132,582 89,759 339,769 339,769 Short-term loans, of.. 7,440 7,217 79 13,707 57,682 85,391 56,210 708,239 708,239 MFIs 4,389 5,719 79 56,701 39,845 537,949 537,949 other financial corporations 3,051 1,498 981 6,154 27,281 27,281 general government.......... other residents 13,707 10,212 57,618 57,618 rest of the world 85,391 85,391 85,391 Medium and long-term loans, of 126,750 94,701 7,084 114,760 8,281 35 634,827 180,726 118,733 1,854,493 1,854,493 MFIs 49,852 61,306 34 563,344 44,888 1,324,871 1,324,871 other financial corporations 24 5,010.. 63,186 16,171 182,564 182,564 general government 126,750 1,954 7,084 46,141 8,281 8,297 45,786 142,115 142,115 other residents 11,887 24,216 24,216 rest of the world 42,869 2,304 180,726 180,726 180,726 Shares and other equity, issued by 105,719 14,742.. 878 957,361 504,945 550,699 2,611,081 2,611,081 residents 99,626 12,935.. 469 891,625 504,945 2,060,382 2,060,382 of which: listed shares 13,761 2,938 469 66,667 276,697 538,279 538,279 rest of the world 6,092 1,807 410 65,736 550,699 550,699 550,699 Mutual fund shares, issued by 71 2,868 1,290 456,832 1,168 538,047 824,296 824,296 residents 67 62 1,265 238,031 1,168 286,249 286,249 rest of the world 4 2,806 25 218,801 538,047 538,047 538,047 Insurance reserves and standard guarantees 124 3,849 1,126 28 864,520 37,658 15,815 1,811 905,295 905,295 life insurance and pension funds 825,734 37,658 7,367 833,101 833,101 other reserves 124 3,849 1,126 28 38,787 8,448 1,811 72,195 72,195 Other accounts receivable/payable 52,973 10,417 10,055 49,972 52,548 10,915 108,596 188,214 38,552 64,872 893,173 893,173 Trade credits 6,961 39,807 2,265 104,389 94,696 33,813 56,880 719,037 719,037 Other 52,973 3,456 10,055 10,165 52,548 8,650 4,207 93,518 4,739 7,992 174,136 174,136 Total 348,044 2,488,410 57,019 190,230 108,099 11,029 4,117,150 918,450 2,656,400 2,246,110 15,365,512 15,365,512 (1) Rounding may cause discrepancies. 21
Financial assets and liabilities in 2015 (1) (flows in millions of euros) Table a6.5 Institutional sectors Non-financial corporations Monetary financial institutions Other financial intermediaries Financial corporations Financial auxiliaries Insurance companies and pension funds Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Monetary gold and SDRs -172 Currency and transferable deposits, with 22,945 2,421 19,056 132,222 3,872 475 5,345 MFIs 24,757 10,016 132,222 4,205 560 2,328 other residents -549 2,421 6,531-95 107 rest of the world -1,263 2,508-238 -85 2,910 Other deposits, with 3,304-26,837-25,995-12,368,, 27,093 322 MFIs 3,304-25,785-25,995-12,368 27,093 327 other residents,, 42,, rest of the world,, -1,095,,,, -5 Short-term securities, issued by -213-1 2,032,, -5,847,, 899-998 general government -197 1,846-6,454 899-365 other residents,, -1,,,, -1,, rest of the world -16 186 608-633 Medium/Long-term securities, issued by 1,919-1,790 21,297-107,195 11,865-17,638-26,608 33,012 1,236 MFIs 1,253-36,346-107,195 97 1,449 3,542 central government: CCTs 698 1,985-668 1,258 791 central government: other -619 55,700 11,630-26,578 9,911 local government -924-1,318-1,009-854 -473 other residents 2,136-1,790-14,413-246 -17,638-1,884 1,478 1,236 rest of the world -625 15,690 2,060 17,764 Derivatives and employee stock options 7,, 859 873,,,,,, Short-term loans, of -2,084-25,859-38,481,, -2,390 4,390,, -897,, -151 MFIs -19,095-38,481,, -6,383-897 -151 other financial corporations -257,, -2,390,,,,,, general government other residents -2,084-4,235 rest of the world -2,272,, 10,773 Medium and long-term loans, of -2,487-3,565 20,442-164 -10,438-308,, 33-694 159 MFIs 7,466 20,442,, 1,369 33 386 other financial corporations -1,299 20-10,438,,,,,, -694,, general government 404-184,,,,,, other residents -2,487-2,837 rest of the world -7,299,, -1,676-227 Shares and other equity, issued by 11,791 27,938-1,317 15,395 12,703 560,, -302-3,425-1,091 residents 4,344 27,938-3,826 15,395 12,463 560,, -302-5,366-1,091 of which: listed shares 6,896 1,824-799 3,904 435,, 9,, rest of the world 7,447 2,509 241 1,941 Mutual fund shares, issued by 2,822 469-1,389 1,591 31,324-1,091 49,221 residents 759 324-1,389 1,337 31,324-1,091 5,317 rest of the world 2,063 145 254 43,904 Insurance reserves and standard guarantees -386 202 792-1,849 278 53,921 life insurance and pension funds 202-1,849 53,628 other reserves -386 792 278 293 Other accounts receivable/payable 15,145 21,953-404 -81,,,, 12-12 Trade credits 15,516 20,271 Other -371 1,682-404 -81,,,, 12-12 Total 52,758 21,306-3,124 10,943-151 19,202 768-1,166 83,072 54,062 (1) Rounding may cause discrepancies. cont. 22
Financial assets and liabilities in 2015 (1) (flows in millions of euros) Table a6.5 cont. Institutional sectors Central government General government Local government Social security funds Households and non-profit institutions serving households Rest of the world Total Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Assets Liabilities Monetary gold and SDRs -172-172 -172 Currency and transferable deposits, with -728 7,044 758-39 46,584 40,701-2,718 138,969 138,969 MFIs -1,803 758-39 50,730 40,710 132,222 132,222 other residents 1,076 7,044.... 2,404-9 9,465 9,465 rest of the world...... -6,550-2,718-2,718-2,718 Other deposits, with -8,135-914 -555-161 -20,383 9,712-1,100-28,009-28,009 MFIs -8,135-555 -161-19,427 9,712-25,995-25,995 other residents -914-956 -914-914 rest of the world........ -1,100-1,100-1,100 Short-term securities, issued by 2-10,422-37.. -879-7,216 1,910 76-10,347-10,347 general government 2-10,422-37.. -879-7,147 1,910-10,422-10,422 other residents.. -1-1 rest of the world -69 76 76 76 Medium/Long-term securities, issued by 807 46,655-2,912-4,947 4,423-107,040 8,173 28,616-55,063-55,063 MFIs...... -71,464-5,726-107,195-107,195 central government: CCTs 150 2,030-521 162-1,520-304 2,030 2,030 central government: other 289 44,625-100 -931-27,038 22,359 44,625 44,625 local government.... -4,947.. 3,667-4,037-4,947-4,947 other residents 368-2,291 5,192-4,412-4,119-18,192-18,192 rest of the world.... -6,274 28,616 28,616 28,616 Derivatives and employee stock options 2,940-3,562 250.. 20.. -6,752-2,682-2,682 Short-term loans, of.. 1,567-641 -74-1,868-129 8,501-14,528-36,322-36,322 MFIs 331-434 -74-155 -11,622-38,481-38,481 other financial corporations 1,236-206 26-3,188-2,390-2,390 general government.......... other residents -1,868 282-3,952-3,952 rest of the world 8,501 8,501 8,501 Medium and long-term loans, of 1,871 829 404 2,632-569 -25 196-7,441 1,301 1,088 1,088 MFIs -582-1,931-25 10,224 3,502 20,442 20,442 other financial corporations -1-11.. -9,459-381 -11,132-11,132 general government 1,871-429 404 4,655-569 -569-2,170 1,706 1,706 other residents 350-2,487-2,487 rest of the world 1,841-79 -7,441-7,441-7,441 Shares and other equity, issued by -4,395-84.. 1,247 17,671 23,510 15,203 57,702 57,702 residents -4,745-84.. 1,247 14,956 23,510 42,499 42,499 of which: listed shares 2,749.... -15,146 11,583 5,727 5,727 rest of the world 350.... 2,715 15,203 15,203 15,203 Mutual fund shares, issued by...... 42,685-98 65,663 95,598 95,598 residents...... 23,387-98 29,935 29,935 rest of the world...... 19,298 65,663 65,663 65,663 Insurance reserves and standard guarantees -3 818-26 -1 49,988 450 3,176 278 53,820 53,820 life insurance and pension funds 49,062 450 3,369 52,431 52,431 other reserves -3 818-26 -1 926-193 278 1,389 1,389 Other accounts receivable/payable 1,454-2,913-2,394-2,345 687 1,576 3,284 425-3,577-4,400 14,204 14,204 Trade credits -640-2,600-157 2,020 1,558-2,815-3,712 14,721 14,721 Other 1,454-2,273-2,394 255 687 1,733 1,264-1,133-762 -688-517 -517 Total -6,186 39,103-4,596-5,301 4,708 1,476 23,726 942 77,815 88,220 228,787 228,787 (1) Rounding may cause discrepancies. 23
Bank interest rates on euro loans: outstanding amounts (per cent) Table a6.6 Households Non-financial corporations Households and non-financial corporations Total Loans for house purchase Consumer credit and other loans with original maturity Total Loans with original maturity Loans up to 1 year Total of which: with original maturity up to 1 year from 1 to 5 years more than 5 years up to 1 year from 1 to 5 years more than 5 years from 1 to 5 years more than 5 years Total up to 1 year of which: overdrafts of which: extended credit card debt of which: overdrafts of which: overdrafts 2012 Dec. 3.96 3.05 3.61 3.05 6.99 7.31 15.14 6.22 4.41 3.62 4.81 5.15 3.27 2.77 5.14 5.55 2013 Dec. 3.93 3.01 3.56 3.01 6.75 6.97 15.10 6.40 4.47 3.68 4.77 5.16 3.59 2.87 5.08 5.52 2014 Dec. 3.79 2.88 3.62 2.88 6.14 6.40 14.62 6.38 4.48 3.49 4.17 4.65 3.36 3.01 4.49 5.02 2015 Jan. 3.81 2.86 3.58 2.86 6.30 6.57 14.54 6.34 4.47 3.46 4.15 4.69 3.29 2.98 4.50 5.09 Feb. 3.79 2.85 3.54 2.85 6.29 6.57 14.53 6.28 4.47 3.42 4.08 4.64 3.22 2.97 4.44 5.04 Mar. 3.76 2.83 3.76 2.82 6.11 6.37 14.53 6.22 4.46 3.36 4.02 4.57 3.08 2.95 4.36 4.95 Apr. 3.73 2.80 3.76 2.80 6.09 6.36 14.54 6.17 4.44 3.31 3.95 4.51 2.99 2.93 4.29 4.90 May 3.70 2.78 3.73 2.78 6.00 6.28 14.53 6.11 4.43 3.23 3.79 4.39 2.89 2.92 4.15 4.80 June 3.77 2.75 3.65 2.75 5.98 6.27 14.70 6.24 4.65 3.17 3.70 4.31 2.74 2.92 4.07 4.74 July 3.74 2.73 3.60 2.73 5.90 6.19 14.67 6.18 4.64 3.12 3.65 4.27 2.65 2.88 4.01 4.69 Aug. 3.72 2.72 3.55 2.72 5.83 6.12 14.67 6.14 4.63 3.10 3.66 4.25 2.61 2.86 4.02 4.67 Sept. 3.70 2.69 3.54 2.69 5.85 6.13 14.66 6.09 4.62 3.07 3.61 4.22 2.57 2.85 3.98 4.65 Oct. 3.70 2.67 3.51 2.66 5.83 6.11 14.65 6.05 4.63 3.03 3.57 4.21 2.51 2.83 3.95 4.65 Nov. 3.69 2.64 3.46 2.64 5.83 6.12 14.63 5.99 4.63 3.01 3.54 4.14 2.45 2.82 3.92 4.59 Dec. 3.64 2.61 3.40 2.61 5.64 5.91 14.60 5.94 4.61 2.94 3.43 4.03 2.37 2.80 3.80 4.46 2016 Jan. 3.62 2.58 3.28 2.57 5.78 6.07 14.61 5.89 4.58 2.95 3.52 4.11 2.34 2.77 3.89 4.56 Feb. 3.59 2.55 3.24 2.55 5.77 6.07 14.61 5.83 4.57 2.91 3.47 4.06 2.26 2.75 3.85 4.51 Mar. 3.56 2.51 3.19 2.51 5.67 5.97 14.60 5.79 4.55 2.85 3.35 3.95 2.22 2.72 3.74 4.42 24
Consumer price indices (indices, 2015=100; percentage changes on the year-earlier period) Table a9.1 Excluding food & energy products Goods Services Total Items with unregulated prices Food products Processed Unprocessed Total Energy products Tobacco products Total Items with regulated prices Energy products Nonenergy Services products Total energy products Overall Overall index net of index energy, food and tobacco products For the blueand whitecollar households (1) Weights (2) 22.5 39.8 62.2 10.5 7.1 17.6 4.3 2.2 86.3 4.7 2.5 6.7 9.0 71.2 100.0 100.0 2012 1.2 1.9 1.6 2.7 2.2 2.6 14.3 6.8 2.8 13.4-2.4 3.2 13.9 1.7 3.0 3.0 2013 0.4 1.3 1.0 2.0 3.0 2.4-1.6 0.8 1.1 1.6 0.8 2.8-0.2 1.1 1.2 1.1 2014 0.1 0.6 0.5 0.9-0.9 0.2-2.1-0.4 0.3-4.0-0.1 2.5-3.0 0.7 0.2 0.2 2015 0.2 0.7 0.5 0.3 2.3 1.1-10.3 3.6 0.1-2.5 1.4 0.5-6.8 0.5 0.0-0.1 2014 Jan. 0.3 0.7 0.6 1.8 0.8 1.4-1.2 0.0 0.6-3.4 0.3 3.6-2.2 0.9 0.7 0.6 Feb. 0.2 0.8 0.6 1.7 0.0 1.0-3.0 0.0 0.5-3.4 0.2 4.1-3.3 0.9 0.5 0.5 Mar. 0.2 0.6 0.5 1.5-0.6 0.7-3.7-0.4 0.2-3.4 0.2 4.1-3.6 0.8 0.4 0.3 Apr. 0.2 1.0 0.7 1.2-0.7 0.5-2.1-0.6 0.5-3.5 0.3 3.3-2.8 1.0 0.6 0.5 May 0.3 0.6 0.5 1.1-1.7 0.0 0.8-0.6 0.4-3.3 0.1 3.0-1.0 0.7 0.5 0.4 June 0.2 0.4 0.4 0.9-2.9-0.6 0.4-0.6 0.3-3.4-0.3 2.8-1.4 0.7 0.3 0.3 July 0.2 0.5 0.4 0.8-2.9-0.6 0.4-0.6 0.2-6.6-0.5 2.3-2.8 0.6 0.1 0.1 Aug. 0.2 0.3 0.3 0.6-1.8-0.3-1.2-0.4 0.2-6.7-0.6 1.9-3.6 0.5-0.1-0.1 Sept. 0.1 0.2 0.2 0.6-0.9 0.0-2.8-0.4 0.0-6.6-0.6 2.0-4.5 0.4-0.2-0.1 Oct. 0.0 0.5 0.4 0.4-0.2 0.2-2.2-0.4 0.2-2.6-0.4 1.5-2.5 0.5 0.1 0.1 Nov. -0.2 0.8 0.4 0.4 0.8 0.5-3.1-0.4 0.3-2.5 0.1 1.4-2.9 0.5 0.2 0.2 Dec. -0.1 1.0 0.6 0.3-0.6-0.1-8.0-0.4 0.0-2.0 0.3 0.4-5.3 0.7 0.0-0.1 2015 Jan. -0.1 0.6 0.3 0.4-0.3 0.1-14.0-0.4-0.6-3.5 0.8 0.2-9.1 0.3-0.6-0.7 Feb. 0.0 0.9 0.5 0.3 2.0 0.9-12.8 3.7-0.1-3.5 1.0-0.2-8.5 0.5-0.1-0.4 Mar. 0.0 0.6 0.3 0.3 2.3 1.0-9.0 4.1 0.1-3.5 1.2-0.1-6.5 0.3-0.1-0.2 Apr. 0.1 0.3 0.2 0.3 2.2 1.0-8.7 4.3 0.0-3.6 1.4-0.1-6.4 0.3-0.1-0.3 May 0.1 0.8 0.5 0.3 2.1 1.0-7.2 4.4 0.3-3.6 1.5 0.1-5.8 0.6 0.1-0.1 June 0.3 0.8 0.6 0.3 2.1 1.0-7.2 4.0 0.3-3.6 1.9 0.2-5.8 0.6 0.2-0.1 July 0.3 0.8 0.7 0.4 1.7 0.8-8.7 4.0 0.3-1.1 2.0 0.6-5.5 0.7 0.2-0.1 Aug. 0.2 0.7 0.7 0.4 1.9 0.9-10.4 3.9 0.1-1.0 1.9 0.8-6.4 0.7 0.2-0.1 Sept. 0.3 0.9 0.7 0.5 3.3 1.5-12.8 3.9 0.2-1.1 1.8 1.0-7.6 0.8 0.2-0.1 Oct. 0.4 1.0 0.8 0.4 4.1 1.8-12.7 3.9 0.3-2.0 1.1 1.0-7.7 0.9 0.3 0.0 Nov. 0.5 0.5 0.5 0.4 3.2 1.6-11.2 3.9 0.2-2.0 1.0 1.1-6.8 0.6 0.1 0.0 Dec. 0.6 0.2 0.4 0.4 2.3 1.1-8.7 3.7 0.1-2.0 1.0 1.3-5.5 0.4 0.1 0.0 2016 Jan. 0.6 0.7 0.7 0.3 0.6 0.4-5.9 3.7 0.3-2.5 0.4 0.7-4.2 0.7 0.3 0.3 Feb. 0.5 0.4 0.5 0.3-1.2-0.3-8.5-0.4-0.1-2.6 0.3 0.8-5.5 0.5-0.3-0.2 Mar. 0.6 0.7 0.7 0.2-1.1-0.3-11.2-0.3-0.2-2.7 0.0 0.7-7.0 0.7-0.2-0.3 Apr. 0.6 0.5 0.5 0.2-0.5-0.1-9.9-0.3-0.2-6.4-0.2 0.6-8.3 0.5-0.5-0.4 Source: Based on Istat data. (1) Consumer price index for worker and employee households, excluding tobacco products. (2) As of January 1999 Istat changes the weights every year on the basis of estimates of households final consumption in the previous year. The weights shown in the table are those for January 2016. 25